Falklands sitting pretty as art growth steps up

After a 10-year boost from oil drilling off the coast, Falkland Islands Holdings is looking to future squid catches and its fine art business Momart to keep growth going.

The group, which runs everything from shops to car hire on the islands, enjoyed something of a boom as oil explorers flockded to the South Atlantic.

But with the oil price plummeting that is now on hold and the group has even sold its final shareholding in Falkland Oil & Gas.

As oil services have declined the company has expanded into looking after cruise ships and the squid fishing fleet. The latter had a bumper catch in 2015 but this spring’s was nothing like as good.

Meanwhile Momart, which handles art exhibitions including Ai Wei Wei’s at Tate Modern and movie star Audrey Hepburn at the National Gallery, had a slow start to the year but picked up in the second half.

Revenues for the year to March rose just 1% to £39 million and profits fell from £3.6 million to £3.1 million.